US stocks rallied overnight with the major indexes hitting fresh highs for the year with energy and commodity shares leading the gains on higher oil and metals prices boosted by a weaker US dollar. And Federal Reserve Chairman Ben Bernanke warned that the economic expansion will probably not be as robust as hoped.
The Dow Jones Industrial Average rose 136 points to 10,407. The S&P500 Index added 16 points to 1,109 and the NASDAQ gained 30 points to 2,198.
In the latest economic news: According to the Census Bureau retail sales rose 1.4% in October from the month before. Expectations were for a rise of 0.9%.
And the Empire State index, a read on manufacturing activity in New York State, fell to a read of 23.51 in early November from 34.57 in October.
In company news: Shares in home improvement retailer Lowes Companies (NYSE:LOW) lost 0.5 per cent to $21.74. The retailer posted a 30% drop in profit for the third quarter but was more upbeat about its outlook for fourth quarter earnings.
Shares in independent oil and gas company Devon Energy Corporation (NYSE:DVN) rose 4.72 per cent to $70.99. According to Reuters the company plans to sell its Gulf of Mexico and international assets to allow it to focus on its fields in the US and Canada.
Shares in chipmaker Intel Corporation (NASDAQ:INTC) added 2.17 per cent to $20.25. The company raised its dividend for the quarter by 12.5% to 15.75 cents a share.
And shares in United Parcel Service Inc (NYSE:UPS) gained 1.85 per cent to $57.74. The company says it expects to see an increase in the number of packages it handles this holiday season and will hire more temporary staff to handle the spike in activity.
In the NASDAQ Top 100: Apollo Group was the best performer, adding 5.83% to $57, followed by Warner Chilcott and Garmin. The worst performer was Research in Motion its down 2.27% to $61.27. Illumina and Amazon also lost ground on Monday.
